Claiming Bitcoin Cash and Gold On New Computer and Nano Ledger S?

[jerry0]

I have electrum and store my bitcoins on my computer.  I have not claimed my bitcoin cash nor bitcoin gold as the process seemed very hard.  But also because of those fake wallets i heard about.


The other thing is i don't have a spare computer to do this on.   The other thing is i plan to get a nano ledger s to store my bitcoins instead as people say always get a hardware wallet for your bitcoin.


So right now i have a few questions.



1.  If i'm planning to move my bitcoin from electrum to a nano ledger s.... would i need a spare computer to download electron cash and the other program to get bitcoin gold?  Also once i send the btc from electrum too nano ledger s, then there is nothing to worry about?  I was told by 2 people that they was able to claim their bitcoin cash on the same computer as their electrum that did not have a hardware wallet.  They said first thing they did was send btc from their electrum wallet to a new electrum wallet on the same computer.  Thus the old electrum wallet would not have anything on it.  Then they claimed their bitcoin cash on it and even mentioned they use electrum and electron cash on the same computer.  They said because they moved the btc from electrum to another electrum wallet, then its safe.  Can someone confirm here that this is true or not?


2.  If i don't buy a nano ledger s, would doing this still be fine?  The person mentioned he store btc is electrum only and didn't have a nano ledger s.  They said as long as the old electrum where you keep your bitcoin, you send the coins to the new electrum wallet, then you are fine.  Because even if the hacker were to get the seed, there are no bitcoins there.  Is that true or not?


3.  Are you allowed to use bitcoin cash and electrum on the same computer or not?  The thing is i don't want to get a new computer just for this process.  But if someone can confirm there is no issues with this, i won't get a new computer.  Also if i keep my btc in nano ledger s, is claiming the bitcoin forks easier than having btc in electrum.

[ApproximateSunlight]

1. Yes, before claiming your BTG and BCH you have to move your Bitcoin to a new brand wallet, it can be a new Electrum wallet, a new Ledger Nano S wallet or whatever, in any case you have to move completely move them to a new wallet, and you will have BTG and BCH on the old wallet without the Bitcoin on it

2. Can you elaborate better? If you are talking about the new wallet with the BTC on it and not BCH and BTG you will need a new wallet, doesn't matter if Electrum or Ledger Nano S, that's up to you, but it's preferable the Ledger Nano S or a offline machine with Electrum and most of all don't have the BTC wallet on the same machine where you will have BTG Core and Electron Cash wallets, just for security reasons, but that's up to you

3. Yes, you can, but it's not good to have a Electrum Bitcoin wallet on a computer costantly online, again, for security reasons

[jerry0]

1. Hi there okay thanks because everyone says first send your btc from old electrum wallet to somewhere else.


2.  I meant if i do not get a nano ledger nor do i use a spare laptop, can i claim my bitcoin cash/gold on the same computer without any issue?  Of course i would create a new electrum wallet, send the btc from the old one to the new one.  Then i download electron cash and/or the program to claim the bitcoin cash/gold.  Then once i claimed it, i would have bitcoin cash in electroncash... bitcoin gold in ... what program?  Is it also electron cash or not?   And i would have bitcoin in my new electrum wallet.  Would this be fine?  Thus from then, i would have bitcoin in the new electrum wallet, and bitcoin cash and gold on the other wallet.  Is that fine or not?  A few people mentioned they claimed their bitcoin cash this way without using a second computer.  They said because they sent the btc to the new electrum wallet, they are not exposed anymore.  I believe they said they still used the bitcoin cash wallet on the same computer as electrum.


3.  What is more important here?  Getting a nano ledger s or a new computer?  If i get a nano ledger s, then send btc from electrum to nano ledger.  I would have bitcoin cash and gold on my computer.  But would i still be able to use electrum or not?  Is there any security risk at all?  You said in the last line don't do that?

[ApproximateSunlight]

1. Hi there okay thanks because everyone says first send your btc from old electrum wallet to somewhere else.


2.  I meant if i do not get a nano ledger nor do i use a spare laptop, can i claim my bitcoin cash/gold on the same computer without any issue?  Of course i would create a new electrum wallet, send the btc from the old one to the new one.  Then i download electron cash and/or the program to claim the bitcoin cash/gold.  Then once i claimed it, i would have bitcoin cash in electroncash... bitcoin gold in ... what program?  Is it also electron cash or not?   And i would have bitcoin in my new electrum wallet.  Would this be fine?  Thus from then, i would have bitcoin in the new electrum wallet, and bitcoin cash and gold on the other wallet.  Is that fine or not?  A few people mentioned they claimed their bitcoin cash this way without using a second computer.  They said because they sent the btc to the new electrum wallet, they are not exposed anymore.  I believe they said they still used the bitcoin cash wallet on the same computer as electrum.


3.  What is more important here?  Getting a nano ledger s or a new computer?  If i get a nano ledger s, then send btc from electrum to nano ledger.  I would have bitcoin cash and gold on my computer.  But would i still be able to use electrum or not?  Is there any security risk at all?  You said in the last line don't do that?

2. Yes, you are right on everything, the most important thing is that you move your Bitcoin to a new wallet, you choose Electrum or Ledger Nano S

The only reason I said don't store BTG and BCH on the same computer is because as you can see Bitcoin Gold and Electron had a security problem with their wallet that stole a lot of Bitcoin to users so it's just for security reasons to not use BCH wallets and BTG wallets on the same computer.
Electron Cash for now seems fine but you never know, for BTG I recommend you using Coinomi if you have Android (https://play.google.com/store/apps/details?id=com.coinomi.wallet) instead of BTG Core Wallet so you can avoid to download the full blockchain.
It's now up to you

[jerry0]

Hi thanks for that information.

I'm confused with what you mentioned.  So the computer that you claim bitcoin cash.. you can also use it to claim bitcoin gold right?

For bitcoin gold, you obviously have to put in that seed to get it.  So you telling me people that claimed bitcoin cash first did the process of installing bitcoin cash on another computer.  But of course move the btc from the electrum to new electrum first.  Then when they claim their bitcoin gold, they input the old phrase from the electrum wallet inot either coinomi or btg core wallet to get it?  The thing is i dont have an android so the only way is to download btg core wallet to get bitcoin gold?  But those people that claimed bitcoin gold on btg core wallet, they are doing this on the computer that they did the electron cash on right?  Also on the spare computer, its safe to use electroncash and bitcoin gold wallet there?

[jerry0]

Another thing i want to ask.  But could a chromebook be used as a second laptop or not?  Because chromebook use google os as oppose to windows etc. 


Has anyone here used a chromebook as a computer for electrum and any other altcoin wallets they have?  And if so, is that good idea or not?

[jerry0]

Also is this fine then?


Get a nano ledger s?  Send all my bitcoin from electrum to nano ledger s.  Then delete electrum on my computer.


Then download electron cash on the same computer as my main computer.  This computer is where i do everything else though.. financial transactions and use other cryptowallets.  Would that be fine or not? 

[HCP]

What you need to realise is that when people say "you should so this" or "you should do that" or "it's OK to do this"... they are speaking from their point of view, and their own personal level of risk acceptance. It also seems that you a confusing the ability to do something with whether or not it is a safe thing to do... You ask "can I do X?"... when I think what you really mean is "should I do X?"

For instance:

CAN I use Bitcoin, Bitcoin Cash and Bitcoin Gold on the same computer?
Technically... Yes. There is nothing stopping you from running a Bitcoin wallet, a Bitcoin Cash wallet and a Bitcoin Gold wallet on the same computer.


SHOULD I use Bitcoin, Bitcoin Cash and Bitcoin Gold on the same computer?
That depends on a number of factors... do you have access to multiple computers or do you have one computer? do you value security more than convenience or do you just want your fork coins? are you extremely risk averse or you'll accept some risk to get things sorted quickly and easily?



The short version of getting your Bitcoin Cash and Bitcoin Gold goes something like this:

1. Move ALL your Bitcoin from your current Electrum wallet to a completely new Electrum wallet.
2. Use ElectronCash with your OLD (and now empty) Electrum wallet to get Bitcoin Cash.
3. Use [Some Bitcoin Gold Wallet] with the private keys from OLD (and now empty) Electrum wallet to get Bitcoin Gold


Now, people will recommend you take "appropriate" precautions to ensure safety of your coins like using a separate computer for each currency or using offline wallets etc... but none of that is REQUIRED to be able to get BCH and/or BTG... it is only RECOMMENDED to help minimise risk.

The thing is i dont have an android so the only way is to download btg core wallet to get bitcoin gold?

No, you can use the "Bluestacks" Android emulator and run Coinomi on that...

[jerry0]

Hi there.


No i only have access to one computer.  The thing is i could buy another computer but my problem is that computer is not in english... its in another language.  Thus most of the computers here even though they are brands like dell, asus etc are in a different language.  So would that still be fine?


I 100 percent value security here.  But if people say as long as your bitcoin is not in your electrum old wallet, then that does make me feel okay.  Have there been cases of people who had their bitcoin cash/gold or any other wallets hacked on the computer they downloaded bitcoin cash/gold wallet on etc?  Im very risk averse here.  That is why i still havent claimed my bitcoin cash and gold yet.


In those steps you listed, would the bitcoin gold wallet program be used on the 2nd computer like with the electron cash?  Also do people who download electron cash on the 2nd computer... what do they do on the other computer then?  Do they use it to store bitcoin cash if they plan to keep it or buy more of it?  The bitcoin gold wallet would be downloaded on the 2nd computer as well right?


Well the thing is if i get a nano ledger s, then i send btc from electrum to it... then erase electrum on my computer... because i will no longer use it... then download electroncash on the comptuer and also the bitcoin gold wallet, would that be okay?  The thing is i have other wallets and do all my other important financial things on this computer though.  But that should still be fine? 


I have an apple phone, i dont have an android.  I could claim my bitcoin gold on my iphone instead?

[HCP]

No i only have access to one computer.  The thing is i could buy another computer but my problem is that computer is not in english... its in another language.  Thus most of the computers here even though they are brands like dell, asus etc are in a different language.  So would that still be fine?

No idea... although I see no reason why the language are computer is set to should affect anything... there are plenty of russians and chinese and japanese and italians and germans and <insert other ethnicities here> all using bitcoins and other cryptocurrencies without issues... I doubt they're all using English on their computers

In those steps you listed, would the bitcoin gold wallet program be used on the 2nd computer like with the electron cash?  Also do people who download electron cash on the 2nd computer... what do they do on the other computer then?  Do they use it to store bitcoin cash if they plan to keep it or buy more of it?  The bitcoin gold wallet would be downloaded on the 2nd computer as well right?

I never said use a 2nd computer... I didn't when claiming coins... and I haven't lost a single satoshi... I have Electrum, Bitcoin Core, BitcoinABC (Bitcoin Cash), ElectronCash, BitcoinGold Core, Byteball, Bitcore, Ledger and Trezor all on the same computer. I just took what I considered to be sensible precautions. I didn't rush, I took my time, I made sure to move my coins off the private keys before using those keys to claim the next lot of coins.

Theoretically, if you're going to be all paranoid about using a separate computer to prevent a rogue wallet from stealing other coins, you should use a separate computer for EVERY currency

Well the thing is if i get a nano ledger s, then i send btc from electrum to it... then erase electrum on my computer... because i will no longer use it... then download electroncash on the comptuer and also the bitcoin gold wallet, would that be okay?  The thing is i have other wallets and do all my other important financial things on this computer though.  But that should still be fine?  

Why would you delete Electrum? I use Electrum with my Ledger Nano S... I prefer to use Electrum in conjunction with a hardware wallet as I feel it offers better features than the Ledger Chrome App Wallet or Trezor wallet app.

I have an apple phone, i dont have an android.  I could claim my bitcoin gold on my iphone instead?

Absolutely no idea... If they have a Bitcoin Gold wallet on an iphone then sure... you can claim using your iphone... try searching google for "bitcoin gold iphone" or "btg wallet ios" etc

[jerry0]

Hi there.  Wait so you claimed your bitcoin cash and gold on the same computer as your electrum?  I just want to make sure of this.


So when the bitcoin fork happened with bitcoin cash and gold, so your bitcoin was in electrum at that time?  But then afterwards you got a ledger and trezor?  Im confused why would you have electrum on your computer if you already have a ledger or trezor?


Well im definitely taking my time here.  Thats why i still havent claimed it.  But if you claimed your bitcoin cash and gold on the same computer and held btc in electrum at the fork, then i feel pretty comfortable then. 


I was going to delete electrum because you said some people say its not good to have electrum and electroncash on the same computer.  So i figure if i get the nano ledger s. then i move the btc there.  Then once i do that, i could delete electrum.  Then i can install electron cash and there won't be electrum nor electron cash.  When did you get your ledger nano s?


So you claimed your bitcoin gold on the same computer?  Because if you did, im going to do that then.  But would there be any difference between you and me because even though you use electrum, its connected with a hardware wallet?  So if i get a nano ledger s, i should use it along with the hardware wallet as oppose to the ledger chrome? 

[HCP]

Hi there.  Wait so you claimed your bitcoin cash and gold on the same computer as your electrum?  I just want to make sure of this.

In a word... yes.

So when the bitcoin fork happened with bitcoin cash and gold, so your bitcoin was in electrum at that time?  But then afterwards you got a ledger and trezor?  Im confused why would you have electrum on your computer if you already have a ledger or trezor?

Like I said... I use my Ledger/Trezor WITH Electrum. Effectively, the Ledger/Trezor is just a "tool" for signing transactions etc. It doesn't really contain any "wallet" functionality. You still need to use a "software" wallet like the Trezor web wallet (wallet.trezor.io) or the Ledger Chrome app (the somewhat confusingly named "Ledger Bitcoin Wallet" that you use for ALL coins except ETH and ERC tokens)... OR you can use a number of desktop wallets that also work with Trezor or Ledger... like Electrum.

I do it this way because I'm used to using Electrum, I like the UI and features... like the ability to specify custom fees, freeze addresses, coin control etc. I am comfortable with it and I know how it works.

I was going to delete electrum because you said some people say its not good to have electrum and electroncash on the same computer.  So i figure if i get the nano ledger s. then i move the btc there.  Then once i do that, i could delete electrum.  Then i can install electron cash and there won't be electrum nor electron cash.  When did you get your ledger nano s?

I got my Ledger Nano S and my Trezor early Late August after the Bitcoin Cash fork. So, I claimed BCH from Electrum and Bitcoin Core. I claimed BTG from Ledger and Bitcoin Core... and have helped other people claim BCH/BTG from all sorts of wallets like Electrum standard\multiSig\2FA, MultiBit Classic and MultiBit HD, and Armory

So you claimed your bitcoin gold on the same computer?  Because if you did, im going to do that then.  But would there be any difference between you and me because even though you use electrum, its connected with a hardware wallet?  So if i get a nano ledger s, i should use it along with the hardware wallet as oppose to the ledger chrome?  

That decision is totally up to you... I am not advocating one method over the other. I am just stating that this is how *I* claimed my coins. I'm comfortable that I took adequate measures to protect my assets while claiming coins. I read all the technical notes and made sure I fully understood the process and how it worked and the best way to do it for *MY* situation.

Like I said, different people want different things... this is why wallets like Exodus (which I personally dislike a LOT) have a userbase... a lot of people just want "one click" solutions to storing and exchanging their altcoins... so they go for a multicoin wallet. I looked at Exodus and was immediately put off by lack of opensource, the inability to set fees how I wanted them and even the ability to test the backup features of the wallet unless you actually deposited money!!?!  However, for some people... it is the "greatest wallet ever made"™

So, you may not like Electrum as much as I do... you may prefer the look and feel of the Ledger chrome wallet... you may also prefer to use the Ledger Chrome as it means you can deal with all your altcoins etc... I don't really play with altcoins that much... I've accumulated a few here and there from people tipping with altcoins... but I'm essentially PRO-"Bitcoin"

For the record... these are the wallets that have Ledger Nano S integration: https://www.ledgerwallet.com/products/ledger-nano-s#integrations

My advice is to try things out. Find a solution that works for you and go with it. Don't just blindly trust the advice of "RandomStrangerHCP"™ on the internet

[jerry0]

Hey there thanks for the response.  Im confused here when you say you claimed BCH from electrum and bitcoin core?  You mean you had bitcoin in both your electrum wallet and bitcoin core wallet when the fork happened right?  Thus you claimed your bitcoin from electrum when using electron cash?  I got confused because i thought bitcoin wore was the bitcoin cash wallet you used to claim your bitcoin cash because i did not know bitcoin core is another bitcoin wallet.  I only heard of electrum, armory, exodus and few others etc.  


Yes i read if you used ledger s or trezor, you still need to use a software wallet with it.  


Oh no, I like using electrum a lot.  I honestly wouldn't mind using electrum only but i read people say you should not store btc in a desktop wallet and should always be in hardware wallet.  That is why im considering getting a nano ledger s for this reason.  


Okay so if i claim my bitcoin cash on the same computer as my electrum, would you recommend me do this when i get my nano ledger s first or not if im planning to get one?  Because if i do get the nano ledger s, then i would be fine right?


Because right now what you tell me, the process for me to claim the bitcoin cash is pretty simple right?


Thus create new electrum wallet and send btc there.  Then download electroncash and then put the seed.  Then i have the bitcoin cash and im done right?


But if i get the nano ledger s first, it would be send btc to the nano ledger first... then download electroncash and then in put seed right?



The other thing im a bit confused is this.  So right now your btc is in your nano ledger s right?  So you obviously no longer use the old electrum seed anymore.  But since you use electrum with nano ledger s... are your any bitcoins showing in your new electrum wallet or not?  Because what has me confused is your btc is in your nano ledger right?  Then how is it possible for it to show on the electrum screen?  Or it doesn't?  And do you have a new seed for your new electrum now?   Because i know there is a 24 word phrase for the nano ledger s to recover your bitcoin.  So there is no seed for your electrum?  I know i sound confusing when i ask this but i assume you know what im trying to ask?


I like electrum a lot same as you... because you could set fees etc.  So based on that, i should do exactly what you do right after i get the bitcoin cash?


I tried exodus.  It looked nice but the issue is i heard the fees to send are huge for every coin.  So because of that, i don't want to use it.  So yes just like you, i like electrum a lot.

[HCP]

Hey there thanks for the response.  Im confused here when you say you claimed BCH from electrum and bitcoin core?  You mean you had bitcoin in both your electrum wallet and bitcoin core wallet when the fork happened right?  Thus you claimed your bitcoin from electrum when using electron cash?  I got confused because i thought bitcoin wore was the bitcoin cash wallet you used to claim your bitcoin cash because i did not know bitcoin core is another bitcoin wallet.  I only heard of electrum, armory, exodus and few others etc. 

Bitcoin Core is basically the evolution of the "original" Bitcoin wallet... "Bitcoin-Qt"... https://bitcoin.org/en/bitcoin-core/

This is the "full node" wallet everyone talks about and which requires the 150Gig full blockchain download etc.

I had some coins in Electrum and some in Bitcoin Core... I used ElectronCash and "Bitcoin ABC" (which is the BitcoinCash version of Bitcoin Core) to get my Bitcoin Cash...

Because right now what you tell me, the process for me to claim the bitcoin cash is pretty simple right?
Thus create new electrum wallet and send btc there.  Then download electroncash and then put the seed.  Then i have the bitcoin cash and im done right?
But if i get the nano ledger s first, it would be send btc to the nano ledger first... then download electroncash and then in put seed right?

Either way is fine... I'd probably wait until you got the ledger, then you just do one transfer of BTC to your ledger... instead of a transfer to new Electrum wallet, then a transfer to ledger... with all the fees

The other thing im a bit confused is this.  So right now your btc is in your nano ledger s right? 

No... the BTC is on the blockchain... my private keys that control the addresses the BTC are attached to are in my Ledger.

So you obviously no longer use the old electrum seed anymore.  But since you use electrum with nano ledger s... are your any bitcoins showing in your new electrum wallet or not?  Because what has me confused is your btc is in your nano ledger right?  Then how is it possible for it to show on the electrum screen?  Or it doesn't?  And do you have a new seed for your new electrum now?   Because i know there is a 24 word phrase for the nano ledger s to recover your bitcoin.  So there is no seed for your electrum?  I know i sound confusing when i ask this but i assume you know what im trying to ask?

Your Ledger Nano S contains a "seed", from which it generates a "xprv" - Master Private Key... and a matching "xpub" - Master Public Key. From the "xprv" you can generate all the private keys (and public keys/addresses)... from the xpub you can ONLY generate the public keys/addresses

When you connect your Ledger to Electrum (File -> New\Restore -> Standard wallet -> Use a hardware device)... it will get the "xpub" ONLY from your ledger... this allows you to create a "watching only" wallet... which will show all your coins, addresses and transactions etc... but has NO PRIVATE KEYS. So it functions exactly like a normal Electrum wallet, you just can't spend... UNLESS you create an unsigned transaction and send it to the Ledger for signing.

Same as the Ledger Chrome app (and all other wallets that can be used with Ledger)... it just gets the "xpub"... and you can see all your coins, but unless a transaction is signed and approved by using the actual hardware device, you can't spend.

Even if someone steals your Electrum "ledger" wallet... they really can't do anything with it but see how many coins you have and who you're sending them to...  because all the private keys are safely locked up in your actual hardware wallet

[jerry0]

Hi there okay when you say bitcoin qt, i definitely heard of that.  Thats why im confused when you say bitcoin core.

Okay that makes sense with the ledger and waiting to get it.

So if your transfer your btc to your nano ledger s... even if you don't use electrum and use that ledger chrome... your btc is still on the blockchain?

So your ledger nano s contains a seed, just like how electrum does right? 

So when you create electrum to your ledger, that means what shows currently in your electrum wallet is exactly what it would show when you use the nano ledger s with it.  But on your actual electrum program, you basically only have one address right?  Thus the old one from which you transferred the btc from?  Thus there is no 2nd wallet with its own seed? 

Can you explain how would you send btc then when this process goes?  Would you be copying and pasting a btc address to the electrum wallet like you normally do?  Then you click okay send?  But once you do that, that will show up on the ledger s nano with the address and btc and then you look and confirm if its right... then you press okay?  But before this, don't you have to type or copy/paste the password that you put in electrum right before you send?  And if you do, is this a new password you create since its obviously not the old password from the old electrum wallet?  Its the password you create for ledger nano s right?

What do you mean exactly if someone steals your electrum ledger wallet?  Do you mean the computer or that file?  But if someone gets your ledger nano s, or both it and your computer, i believe they still need both your password to send the btc from nano ledger s and also a pin number right?

[jerry0]

Also wanted to ask.. what other coins do you keep in your nano ledger s?  Also you are using the trezor as well? 


Also do you own altcoins that are not eth, litecoin and the main ones that are traded with usd or usdt?


If so,  do you download wallet for each coin or do you keep it on the exchange?

[HCP]

Hi there okay when you say bitcoin qt, i definitely heard of that.  Thats why im confused when you say bitcoin core.

Bitcoin-QT is just one component (The GUI client) of Bitcoin Core... it also has a background service called "bitcoind" (aka "Bitcoin Daemon") and a command line client called "bitcoin-cli"... Collectively, they form the "application" known as "Bitcoin Core".

So if your transfer your btc to your nano ledger s... even if you don't use electrum and use that ledger chrome... your btc is still on the blockchain?

That is the whole point of blockchains. It is the immutable record of all bitcoin transactions. Whatever your actually wallet software says is irrelevant. The blockchain is the absolute authority on which address controls what bitcoin.

So your ledger nano s contains a seed, just like how electrum does right? 

Yes... but unlike Electrum, you can't get access to it after it is initially displayed during the initialisation/setup process.

So when you create electrum to your ledger, that means what shows currently in your electrum wallet is exactly what it would show when you use the nano ledger s with it.  But on your actual electrum program, you basically only have one address right?  Thus the old one from which you transferred the btc from?  Thus there is no 2nd wallet with its own seed? 

When you create a wallet using a "hardware device" in Electrum... it will read the "xpub" from the ledger. This "xpub" is a Master Public Key. Electrum will then use this to generate identical bitcoin addresses to the ones generated by the Ledger. So, it knows which addresses to monitor the blockchain for. When it sees transactions relating to these addresses it adds the information to the local copy of the wallet.

So, your Electrum "ledger" wallet will contain the xpub from the Ledger and a bunch of bitcoin addresses generated from that xpub... but no private key information. All it can do is "look" at your addresses/coins. Hence the term, "watching only" wallet.

You can continue to have normal Electrum wallets as well if you want... Electrum lets you have and use multiple wallets.

Can you explain how would you send btc then when this process goes?  Would you be copying and pasting a btc address to the electrum wallet like you normally do?  Then you click okay send?  But once you do that, that will show up on the ledger s nano with the address and btc and then you look and confirm if its right... then you press okay?

Yes

But before this, don't you have to type or copy/paste the password that you put in electrum right before you send?  And if you do, is this a new password you create since its obviously not the old password from the old electrum wallet?  Its the password you create for ledger nano s right?

No. It doesn't use passwords for Ledger wallets. It relies on the Ledger being connected and "unlocked" with the PIN. There is currently work in progress to allow Electrum to password protect "watching only" wallets.

What do you mean exactly if someone steals your electrum ledger wallet?  Do you mean the computer or that file?  But if someone gets your ledger nano s, or both it and your computer, i believe they still need both your password to send the btc from nano ledger s and also a pin number right?

The file. If your computer is hacked and the hacker has your electrum wallet file, they can't do anything because they need the ledger device to get the private keys. If they have your device as well, then they need your PIN (3 guesses and it gets wiped).

Also wanted to ask.. what other coins do you keep in your nano ledger s?  Also you are using the trezor as well?  

Yes... I strongly believe in redundancy and backups.

If so,  do you download wallet for each coin or do you keep it on the exchange?

I don't keep anything on an exchange any longer than it takes to buy/sell. "If you don't control the keys, you don't control the coins"

[jerry0]

Hi thanks for all that information.  Okay so that means its best to download wallets for every altcoin. 


One other question.  So if you have electrum and someone has access to your computer, say a hacker, does that mean even though you have a password that you have to put down to send btc, that would not matter or not?  Because i have heard of electrum wallets getting hacked and others say it must be malware.

[HCP]

If you have a password on your Electrum wallet... then this means either all the sensitive info (like seeds and private keys) inside your wallet file are encrypted and/or that the WHOLE wallet file is encrypted (depending on if you ticked the "encrypt wallet file" box when you created the password).

If a hacker gets your password protected wallet file, then they will need to crack your password to do anything with it.

With a watching only wallet, if a hacker gets your wallet file, they can't do anything other than see your balance and transactions... there are no private keys or seeds stored in a watching only wallet. It is simply a collection of public keys/addresses. You could publish a watching only wallet online with 1,000,000 BTC in it... and no-one would be able to steal your coins

[jerry0]

Hi there.  For electrum wallet, there are 2 passwords i believe.  One is the when you open electrum, you would have to input the password to see how many btc there are and the transactions right?  Thats the encrypt wallet file?  Then there is the one where when you send btc, you have to enter the password.  But these passwords has to be the same password or not?  And you suggest to encrypt the wallet file right?


Okay so for example.  If someone has their electrum wallet get malware on it.  Then why do i hear cases about electrum wallet or other wallets getting hacked then assuming they put a password on it?  Is it because the hacker cracked the password?  Because i thought if the hacker were to have access to your computer/electrum, they can't just download a trojan or program and then unlock the program like that?


Okay so the watching only wallet.  So with your electrum wallet right now connected to your ledger nano s, you have a password that you have to put that you need to type in before you can view your balance or not?  I assume no?  Thus when you open electrum, it shows how much btc you have and the history right there?  Thus because you are using electrum with nano ledger s, you cannot make it where you have to type in a password to open electrum right?